Buying Homeware and Building Supplies Stores
Business owners and entrepreneurs are being overwhelmed by the closure of many nonessential businesses due to the COVID-19 pandemic, The UK government has deemed certain businesses ‘essential’ and they have been permitted to continue trading during the lockdown. This means that for some businesses, like homeware and building supplies shops, there has actually been an increase in sales.
There will be people who are looking to purchase a homeware and building supplies shop and there may be owners who are looking to sell. Kaiser Solicitors are here to help business owners and prospective buyers negotiate contracts during the unusual circumstances we all find ourselves in today.
Homeware and building supplies shops are an essential part of UK retail and have been deemed essential by the government. This means that they can continue to provide building contractors and homeowners with supplies. In times of crisis it is imperative that these service industries keep trading. Homeware and building supply stores allow other businesses to carry on essential maintenance and building work. For these businesses to thrive, they need to access materials and as such, trading is unlikely to stop in this sector so you can still look to purchase a hardware store or building supply store.
How to buy a Hardware Store or Building Supply Shop
The process will differ depending on whether you are the buyer or the seller in the transaction.
From a buyer’s point of view once you’ve found a business that you are interested in buying, the firsts thing you need to do is let the agent know.
Your solicitor will then contact the seller’s agent and request the asset purchase agreement if you are buying goodwill and assets.
If you are buying a limited company it is a slightly different procedure and your solicitor will then need to draft the share purchase agreement.
Once due diligence inquiries have taken place we can agree the sale contract and complete the purchase.
Whatever your reason for selling or buying a business during these exceptional circumstances Kaiser Solicitors are on hand to help.